Equifax spends $87.5 million on data breach, more expenses on deck

Larry Dignan reports:

Equifax spent $87.5 million in the third quarter on its recent data breach.

The disclosure, which came amid an earnings report that showed revenue growth of 4 percent to $834.8 million and net income of $96.3 million.

In other words, the data breach affecting 145 million Equifax customers dented the cash cow, but certainly didn’t kill it.

Read more on ZDNet.

And of course, that $87.5 million doesn’t even come close to making those affected by the breach whole again. For how many years will you have to keep checking because your Social Security number was involved and our government still hasn’t trashed the SSN system and replaced it?

I really do prefer South Korea’s approach of severely penalizing executives and companies who have major cock-ups affecting consumers. Fine them, fire them, and prevent the company from taking on any new business for months on end. That might motivate companies to pay a bit more attention, perhaps?  How many months, you ask? It depends, I answer, serenely. You used a weak password and it was guessed within seconds? Eight months at least without taking on any new business. At least.  You encrypted the patient database, yes, but the encryption key was conveniently held in an employee’s email and they got phished?  Four months, at least.

Heck, I could create a whole menu in the World According to Dissent. But of course, that is my private world where justice actually prevails and my government doesn’t abuse its power and try to subpoena my details for no valid reason. Meanwhile, back in the REAL world, businesses violate consumer privacy left and right and then complain when they are violated by criminal hackers after they failed to secure our information adequately. And I shake my head and go put up more coffee…..